Shopify Inc. $SHOP Holdings Raised by Ameritas Advisory Services LLC

Key Points

• Ameritas Advisory Services LLC increased its stake in Shopify Inc. by 74.2%, owning a total of 8,851 shares valued at approximately $1.02 million.
• Shopify's shares had a notable 6.5% increase on Friday, with recent earnings surpassing analysts' expectations, showing a revenue of $2.68 billion in the last quarter.
• Analysts have set a mean target price of $150.59 for Shopify's stock, with twenty-two analysts rating it as a Buy and only one as a Sell.

Ameritas Advisory Services LLC grew its stake in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 74.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,851 shares of the software maker's stock after purchasing an additional 3,769 shares during the period. Ameritas Advisory Services LLC's holdings in Shopify were worth $1,021,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Shopify by 1.9% during the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker's stock valued at $4,563,106,000 after purchasing an additional 882,168 shares during the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Shopify by 19.7% during the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker's stock valued at $822,745,000 after purchasing an additional 1,426,406 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Shopify during the first quarter valued at $667,392,000. Canada Pension Plan Investment Board lifted its holdings in shares of Shopify by 34.4% during the first quarter. Canada Pension Plan Investment Board now owns 5,943,409 shares of the software maker's stock valued at $565,504,000 after purchasing an additional 1,522,573 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Shopify by 21.0% during the first quarter. Massachusetts Financial Services Co. MA now owns 5,649,162 shares of the software maker's stock valued at $539,382,000 after buying an additional 979,598 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Trading Up 6.5%

Shares of SHOP stock opened at $161.14 on Friday. The stock has a 50 day moving average of $142.78 and a two-hundred day moving average of $117.23. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $162.60. The company has a market capitalization of $209.43 billion, a P/E ratio of 90.02, a P/E/G ratio of 7.64 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same quarter last year, the company earned $0.26 EPS. The company's quarterly revenue was up 31.1% on a year-over-year basis. Sell-side analysts predict that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. Weiss Ratings reissued a "hold (c)" rating on shares of Shopify in a research report on Saturday, September 27th. Scotiabank reissued a "sector perform" rating and set a $150.00 price target (up from $115.00) on shares of Shopify in a research report on Thursday, August 7th. Zacks Research raised Shopify to a "hold" rating in a research report on Tuesday, August 12th. Truist Financial upped their price target on Shopify from $95.00 to $150.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. upped their price target on Shopify from $115.00 to $179.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. Twenty-two research analysts have rated the stock with a Buy rating, twenty-three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $150.59.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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